About Vienna Insurance Group AG Wiener Versicherung Gruppe (VIG)
Vienna Insurance Group is one of the largest international insurance groups that operates in Eastern and Central Europe with the headquarters situated in Vienna. It has about 50 companies in 25 countries with more than 25,000 employees. This encompasses my countries Croatia and Bosnia & Herzegovina. VIG was founded in 1824, the 19th century Europe and ever since then it’s been providing people with life and nonlife insurance. The CEO of VIG is Elisabeth Stadler and she is the first chairwoman of the major insurance groups. The company celebrates diversity and multiculturalism and corporate social responsibility (CSR) is at the center of its operations. The CSR relies on a few key points:
- Products and services with sustainability aspects
- Responsible investment
- Using operational risk management to prevent losses and protect the environment
- Environmentally friendly claims handling
- Natural disasters – VIG handling and solutions
This has been something that was repeated over and over again during my work at VIG as the employees take the CSR very seriously.
My work at Vienna Insurance Group – Risk Management
Before I started working at VIG, I had no idea what risk management entailed. If you asked me to even try to guess what it meant, I wouldn’t be able to tell you much. My experience at VIG taught me a lot about all the aspects of insurance and what risk means and how it impacts our daily life. Managing risk is an ongoing process that requires constant analysis and evaluation of new aspects that emerge. It was very interesting for me to see and learn how important risk management actually is and I developed an opinion that everyone should be educated into how much they are impacted by it. The whole economy is backed by risk management and insurance in order to function normally without having the constant worry that something bad might happen. It also makes it easier for them to take leaps and push for riskier investments as something is always there to catch them. My coworkers took the time of their day to explain this to me and to give me a chance to apply the knowledge in real life. Each client that they worked with had their own risk that was unique to them and by working with the clients you realize that there is no one-size-fits-all approach. I got to work side-by-side with experienced professionals and learn from them. My tasks ranged from menial ones to significant and impactful research. I am very grateful to my colleagues for everything that they taught me and they made this summer a learning experience. My last week with them is definitely going to be hard on me, but I am happy I was so lucky to learn and work with such amazing people.